CO

Canadian Orebodies Inc. (TSX VENTURE:CO) ("Orebodies") is pleased to announce
the first set of drill results from the ongoing drill program at the Haig Inlet
Iron Project ("Haig Inlet"), located on the Belcher Islands in Nunavut, Canada.
Assay results have now been received for the first 9 holes totalling 1,594m and
highlights include:




--  Wide zones of coarse grain magnetite mineralization discovered at Haig
    West; 
--  Iron mineralization delineated over an 8km trend at Haig North; and 
--  Working towards a revised NI 43-101 compliant resource estimate in
    Q1/2013.



"These initial results from this year's drilling at Haig West and Haig North
confirm our beliefs about the wide spread iron mineralization on the Belcher
Islands, and indicate that we have the potential to discover significant new
deposits that would add to our growing resource base," said Gordon McKinnon,
President & CEO of Canadian Orebodies. "We are very impressed with the strike
lengths and widths at Haig West, an area that had never been previously explored
- yet this year's program is only scratching the surface in terms of exploring
our continually growing land position."


To date this year a total of 5,180m has been drilled. A map of the holes drilled
thus far during the 2012 program is available on Canadian Orebodies' website at:
http://www.canadianorebodies.com/i/maps/HaigInlet/2012DrillPlan-Oct10.pdf.




----------------------------------------------------------------------------
                            From        To  Interval  Total Fe        Target
Hole ID                      (m)       (m)       (m)       (%)          Area
----------------------------------------------------------------------------
CO-12-06                   87.65    138.80     51.15     27.87      Kihl Bay
  incl.                    89.65    105.90     16.25     32.03              
----------------------------------------------------------------------------
CO-12-11                   28.20     69.80     41.60     21.89      Kihl Bay
----------------------------------------------------------------------------
CO-12-03                  169.25    203.00     33.75     22.91    Haig North
----------------------------------------------------------------------------
CO-12-04                   96.10    152.00     55.90     23.90    Haig North
----------------------------------------------------------------------------
CO-12-08                  128.00    194.00     66.00     24.00    Haig North
----------------------------------------------------------------------------
CO-12-09                    3.00     68.00     65.00     24.74     Haig West
  and                      98.00    143.60     45.60     28.32              
  incl.                   100.00    115.10     15.10     33.91              
----------------------------------------------------------------------------
CO-12-13B                 178.45    235.25     56.80     28.48     Haig West
  incl.                   178.45    198.30     19.85     33.82              
----------------------------------------------------------------------------
CO-12-14                   20.00     99.30     79.30     25.26     Haig West
  and                     125.90    181.80     55.90     28.93              
  incl.                   125.90    142.05     16.15     35.93              
----------------------------------------------------------------------------
CO-12-15                   25.00    127.50    102.50     25.84     Haig West
  incl.                    29.00     43.00     14.00     34.60              
  and                     157.00    211.35     54.35     28.46              
  incl.                   158.40    173.10     14.70     34.80              
----------------------------------------------------------------------------



Haig West Shows Widest Intersections of Iron Mineralization to Date

At Haig West, drilling over a 25 kilometer strike extent has encountered the
west dipping iron formation in 13 drill holes. All drill holes at Haig West were
collared to intersect the magnetic anomaly which extends across the entire
strike length. At the southern extent of the Haig West property there is a 4.5
kilometer long outcrop of iron formation which confirms the zone intersected at
depth extends to surface.


Iron Mineralization Intersected 17 Kilometers North of Haig Inlet Deposit

Drilling on the Haig North area is comprised of 4 holes at 2 kilometer step-outs
indicating excellent continuity of the east dipping iron formation over the 8
kilometer strike length. These holes run north along the iron formation on the
north-west side of Flaherty Island, beginning approximately 10 kilometers north
of the Haig Inlet Deposit.


Belcher Islands Advantage - Direct Ocean Shipping Potential

Canadian Orebodies is particularly enthusiastic about the Haig Inlet Project
because it is located adjacent to tidewater in Hudson Bay, which opens up the
possibility for direct ocean shipping to global markets. The ability to ship via
ocean freighter without using rail could be a major cost advantage on both the
initial capital and operating side when compared to land locked projects.


Quality Assurance, Quality Control and Qualified Person

All drilling samples have been prepared and analyzed by SGS Minerals Services
("SGS"), which is independent of Orebodies. Sample preparation and analyses were
performed at the SGS laboratories based in Garson, Ontario and Lakefield,
Ontario respectively. The samples were analyzed by XRF.


A thorough QA/QC program is in place which includes the submission by Orebodies
of systematic standards samples within every sample batch submitted to SGS. In
addition, SGS inserts its own duplicate samples. The results from these control
samples indicate acceptable consistency of analysis.


This press release has been prepared under the supervision of Mr. George Wahl
(P.Geo.), who is an independent consultant to the Company and a "qualified
person" (as such term is defined in National Instrument 43-101). Mr. Wahl has
verified the technical data disclosed in this press release.


About Canadian Orebodies Inc.

Canadian Orebodies is a Canadian-based mineral exploration company with a
portfolio of properties in Nunavut and Ontario. Canadian Orebodies' primary
focus is on advancing and developing its Haig Inlet Iron Ore Project, located on
the Belcher Islands in Nunavut. The Haig Inlet Iron Project is host to an
indicated iron ore resource of 230 million tonnes at 35.17% Fe and an additional
inferred resource of 289 million tonnes at 35.47% Fe. Canadian Orebodies trades
on the TSXV under the symbol "CO".


For more information please visit www.canadianorebodies.com.

Forward-Looking Information

This press release contains certain "forward-looking statements". All
statements, other than statements of historical fact, that address activities,
events or developments that the Company believes, expects or anticipates will or
may occur in the future (including, without limitation, statements relating to
mineral resources, potential mineralization, exploration results and the
Company's plans with respect to the exploration and development of the
Properties) are forward-looking statements. These forward-looking statements
reflect the current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking statements are subject to a
number of risks and uncertainties that may cause the actual results of the
Company to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected
consequences to, or effects on the Company. Factors that could cause actual
results or events to differ materially from current expectations include, among
other things, changes in commodity prices, changes in equity markets, failure to
establish mineral resources, changes to regulations affecting the Company's
activities, delays in obtaining or failures to obtain required regulatory
approvals, uncertainties relating to the availability and costs of financing
needed in the future, the uncertainties involved in interpreting drilling
results and other ecological data, and the other risks involved in the mineral
exploration and development industry. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future events
or results or otherwise. Although the Company believes that the assumptions
inherent in the forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly undue
reliance should not be put on such statements due to the inherent uncertainty
therein.

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